Fura Gems Inc. Enters into Loan Facility of up to US$28.6 Million

March 10, 2020

Fura Gems Inc. (TSXV: FURA), a gemstone mining and marketing company, issued a grid promissory note to a private lender pursuant to which the lender agreed to advance US$21 million to Fura immediately and US$7.6 million at a later date, subject to the terms of the note.

Fura is engaged in the exploration of resource properties in Colombia and owns a 76% interest in the Coscuez emerald mine in Boyacá, Colombia. Fura is involved in the exploration and mining of sapphires in Australia through its 100% interest in two mining permits and three mining licences, and rubies in Mozambique through its 80% effective interest in four ruby licences and its 100% interest in an additional ruby licence.  

Wildeboer Dellelce LLP acted as counsel to the lender with a team that included Michael Rennie, Sanjeev Patel and Melissa Smith (corporate/securities).